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Dbs Bank News

02 Feb 2023

Price Cap on Russian Refined Fuels Set to Disrupt Trade

© AUUSanAKUL+ / Adobe Stock

The European Union's ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil.Although Western sanctions could force Russia to cut crude production and refining runs, which would further tighten global supplies, some analysts said the ban on products may ultimately have little impact on overall availability."Barrels will get out and find a market…

31 Jul 2020

Trafigura Offers COVID-19 Premium

(Photo: Trafigura)

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

09 Jun 2020

Temasek Supports Sembcorp Marine's $1.5B Rights Issue

For illustration; Sleipnir, the world’s largest and strongest semi-submersible crane vessel built by Sembcorp Marine - Credit- Sembmarine

Singapore's Temasek Holdings stepped in on Monday to support a S$2.1 billion ($1.5 billion) rights issue by Sembcorp Marine as the state investor moves to help the city-state's struggling rig-building sector.Following the deal, loss-making Sembcorp Marine, which has been hit hard by an industry downturn, plans to demerge from its parent company Sembcorp Industries."It's just the next step in Singapore's long overdue consolidation of the offshore and marine sector," said KGI Securities analyst Joel Ng.

04 Oct 2017

Vitol Returns for $8 Bln Loan Refinancing

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction. Bank of America Merrill Lynch, MUFG, BNP Paribas, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, JP Morgan, Lloyds Bank, Mizuho Bank, Natixis, Rabobank, Societe Generale, Standard Chartered Bank, SMBC and UniCredit Bank were mandated lead arrangers and bookrunners.

12 Jul 2017

Rickmers to Sell its Last 9 Vessels to Navios

HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of 14 vessels of Singapore-based Rickmers Trust Management for some $54 million to Navios Partners Containers and Navios Partners Containers Finance. The total consideration will also include an amount to support settlement of operational cash deficits to closing, said Rickmers Trust Management in an update on the winding up of Rickmers Maritime. The sales of these nine vessels are expected to be completed in parts from July 12, 2017, Rickmers said. The sale of the first five containerships was completed in late May. The vessels are secured to the HSH syndicate and as the total proceeds from the sale fall below the loan outstanding due and payable…

26 Jan 2017

Struggling Rickmers Sells Off Another Vessel

Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime,  is selling off a new ship from its fleet to ensure the company stays afloat. This means an impairment loss in the fourth quarter 2016. Rickmers has entered into a memorandum of agreement (MOA) for the sale of Kaethe C. Rickmers, a Panamax containership. The vessel is securing senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank (the HSH Syndicate) to the trust (the HSH Facility). The net proceeds from the sale will be applied towards the payment of operating costs of the secured vessels under the HSH Facility and partial prepayment of the HSH Facility. The Trustee-Manager has also entered into a deed of consent with the HSH Syndicate to obtain their consent for the sale.

18 Jul 2016

ICTSI Australia Secures AUD398 Mln Loan

On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.

12 Dec 2014

Strong Interest in Keppel DC REIT IPO

Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd has received overwhelming demand from institutional and retail investors for its initial public offering of 261,138,000 Units. The Offering comprised an international placement of 207,375,000 Units1 to investors, including institutional and other investors in Singapore (the "Placement Tranche"), and an offering of 53,763,000 Units to the public in Singapore (the "Public Offer"). Due to strong demand from institutional investors during the book-building process, the Units were priced at the top end of the offering price range at S$0.93 per Unit.

29 Sep 2014

EMAS Offshore Launches Singapore Listing

EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth;  Singapore public offer opens at 6.00 p.m. today and closes at 12.00  noon on 2 Oct 2014. EMAS Offshore Limited (“EMAS Offshore”, or the “Group”), formerly known as EOC Limited (“EOC”), is pleased to announce the launch of its public offering of shares following the registration of its prospectus (the “Prospectus”) with the Monetary Authority of Singapore (“MAS”), in…

10 Jul 2014

Ezra to Consolidate EMAS Marine into EOC

Ezra Holdings Limited today announced plans to consolidate its Offshore Support Services division, EMAS Marine, into its associated company, EOC Limited, which is listed on the Oslo Børs, Norway. Upon completion of the transaction, the enlarged EOC Group will be one of the largest offshore support operators in Asia Pacific by asset value, managing an offshore services platform comprising over $1 billion in offshore support assets. Its diverse and versatile fleet of 50 offshore vessels is among the youngest in the region. The fleet has a combined bollard pull of almost 4,000 tons, more than 37,000 dwt and a total of almost 350,000 BHP, making it one of the strongest and most powerful in the region, with capabilities to operate globally at ultra-deep water depths.

17 Apr 2014

POSH raises $311m in Singapore IPO

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, the company said on Thursday. The deal comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors. POSH priced the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, it said in its prospectus.

16 Apr 2014

POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said. Underwriters have recommended POSH to price the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option. The final price needs to be approved by the company or the company's board, the sources added. The sources declined to be named, while the company was not immediately available for a comment.

23 Feb 2010

World Finance Shipping Awards 2010

Over the last two years, credit markets have experienced contraction, deleveraging and reduced liquidity, and governments have taken highly significant measures in response to such events. The U.S. Securities and Exchange Commission and other regulators are authorized to take extraordinary actions in the event of market emergencies, and may affect changes in law or interpretations of existing laws. Shipping Finance has evolved with commercial market trends. Today, in response to asset value reduction, the sector requires bullish resilience - assessing the market outlook, exploring the latest capital raising methods and evaluating the emerging business models.

12 Dec 2000

WCS Buys More Osprey Shares

Oil transportation giant World Shipholding Group bought another 523,000 shares in Singapore's Osprey Maritime Ltd, marginally increasing its stake to 53.08 percent. In a statement to the Singapore Exchange, World Shipholding said the Osprey shares -- representing 0.155 percent of the energy transportation group -- were bought in the open market at $1 each. Osprey shares were unchanged at $0.99 when they were last traded on Monday. World Shipholding, amassed 52.93 percent in Osprey from various parties between August and November 28. On December 4, the group made a formal bid of $1 per share for the stake it did not already own after breaching Singapore's takeover trigger of 25 percent.

11 Jan 2001

Fredriksen Ups Osprey Offering

Norway's John Fredriksen raised his offer price for Singapore's Osprey Maritime by 12.5 percent in a move seen likely to result in a management change and possible de-listing of the group. Fredriksen, through his privately held World Shipholding Ltd., lifted his offer from S$1.00 to S$1.125 per share for the 38.85 percent of the tanker group he does not already own. Osprey shares ended up 11 percent at S$1.11 after hitting a high of S$1.16. Volume was thin at 660,000 shares. After the market close, the firm announced that its board member Charles Klotz had resigned effective January 10. It did not give a reason. The higher offer comes after criticism from Osprey management that World's initial offer undervalued the company.